The best way to go when buying a home for the first time is FHA. FHA purchases are great for many families because they provide low down payments of 3.5%, and up to 6% in seller concessions. This can work out great for a lot of reasons. Low down payment is one reason, and the keeping your overall mortgage payments low is another. Those who wish to take advantage of this option need a credit score of a 640 or higher, and those with a lower score may need to put down more but are still considered.
FHA is also good when you are worried about getting qualified for a new loan. FHA does not guarantee loans based on all credit, but they do look at your current pay histories. Paying more than 30 days late on debts isn’t favorable, and those who have failed to re-establish credit after a bankruptcy are frowned upon. They want to help, but with any good thing there are limitations. These are simply guidelines and with a little help you can improve your financial picture for the better.
-Mayer Dallal
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